The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Rubber And Plastic Products And Other Non-Metallic Mineral Products Manufacture Of Other Non-Metallic Mineral Products 23.1 - Manufacture of glass and glass products
550 jobs Number of planned job losses
150 jobs Number of planned job creations
Announcement Date
24 December 2014
Employment effect (start)
9 February 2015
Foreseen end date
1 July 2015
Description
The US investment fund Peaked Hill Partners (PHP) has concluded an agreement to buy the glassware manufacturer Arc International with the current owners' family. PHP will invest 58 million euro in Arc International and the former owners' familly, about 2 million. The new owner has announced that it is to cut around 550 positions (mainly management positions) from a total workforce of 5690. However the group will also recruit 150 employees in production. The net loss of jobs is around 400. Negotiation between the management and unions will start on 6 January 2015 to agree the reorganisation plan within a month. In January 2014, the management of Arc International was preparing a reorganisation to cut about 2,000 positions so that the offer of the new owner is welcomed as only 550 positions will be cut. The glassware group employs 10,520 employees world-wide and 5690 in the north of France. In 2010 it launched a social plan to cut 643 positions. The minister of Economy welcomed the agreement and the safeguarding of 93% of the company's jobs.
Sources
24 December 2014: Le Monde
24 December 2014: L'usine Nouvelle
Citation
Eurofound (2014), Arc International, Merger/Acquisition in France, factsheet number 78022, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/78022.
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